*Dec14 dollar-yen open Y112.54, range...>

YEN SUMMARY: *Dec14 dollar-yen open Y112.54, range Y112.53 to Y112.79

*Dollar-yen opened in Asia toward the lower side of yesterday's Y112.46 to

Y113.58 range, where a cautious sounding FOMC and softer US inflation data,

placed the dollar firmly on the defensive.

*Shortly after the opening of Tokyo markets, dollar-yen climbed higher from

Y112.53 to Y112.79, Japanese names were the reported buyers, with some

speculation that domestic life companies were selling yen against both euro and

dollar.

*Once that particular interest was concluded, the dollar edged to Y112.55 and

was last at Y112.61

*In option space, expiries rolling off today at Y112.00(($754mn),

Y112.45-50($1.02bn), Y112.70($530mn) and Y113.00($525mn), may act to contain the

near term range.

*Support is noted at Y112.30, the level represents the 50% fib retracement on

Y110.84 to Y113.75 rise, a break to expose Y111.95 (61.8% fib on the same move),

while resistance lies at Y112.96 (38.2% fib Y113.75-Y112.46 decline).